N orthvolt, a Swedish battery company owned in part by Volkswagen and Goldman Sachs has filed for bankruptcy in its own country. The news was broken by Reuters and could have seri

Swedish battery manufacturer Northvolt filed for bankruptcy on 12 March 2025, bringing an abrupt end to a company once seen as Europe’s best hope of challenging Asian dominance in electric vehicle (EV) battery production.

Northvolt’s fortunes took a more decisive turn when BMW canceled a $2 billion contract in June 2024. The battery manufacturer had been unable to deliver on time. To conserve cash, it laid off 1,600 employees and sold the assets of its Cuberg division, a Bay Area solid-state battery startup it acquired in 2021.